CALAPAN CITY, Oriental Mindoro (PIA) — The inflation rate in the MIMAROPA region slightly increased by 3.0 percent in November 2024, up from 2.6 percent in October 2024.
Despite the uptick, this figure is significantly lower than the 4.8 percent inflation recorded in November 2023, the latest Philippine Statistics Authority (PSA) MIMAROPA reported.
The main drivers of the higher inflation rate in November were food and non-alcoholic beverages, which posted an inflation rate of 3.8 percent; transport, which remained deflated at -1.2 percent; and restaurants and accommodation services, which surged to 5.8 percent.
The region’s food index rose to 3.9 percent in November, compared to 3.3 percent in October. However, this was still 1.3 percentage points lower than the food inflation rate in November 2023.
The factors that contribute to the increase in food inflation are meat and other parts of slaughtered land animals, which spiked to 11.5 percent inflation; and vegetables, tubers, plantains, cooking bananas, and pulses, which increased to 3.7 percent inflation, a press release from PSA said.
Some food items registered lower annual inflation rates compared to the previous month, including rice at 4.7 percent; milk, other dairy products, and eggs at -1.0 percent; oils and fats at -1.2% percent; and ready-made food and other food products not elsewhere classified at 3.2 percent.
Meanwhile, the inflation rates for health that is recorded at 2.2 percent, education services at 1.7 percent, and financial services at -0.9 percent remained unchanged from the previous month.
The slight acceleration in inflation underscores a mixed economic environment, with certain sectors experiencing steady growth while others, such as financial services and transport, continue to grapple with deflationary pressures, the PSA added.
The agency continuously monitors said trends to implement timely measures that could mitigate inflationary risks and ensure sustained economic stability in the region. (JJGS/PIA MIMAROPA)
